HYDERABAD: A 60-year-old resident of Jubilee Hills fell prey to a sophisticated financial scam involving a fraudulent online trading platform named “FX Road.” The scam, discovered through an Instagram advertisement, led to a staggering loss of ₹57.43 lakh.
Promised Profits, Fake Platforms
The victim clicked on a visually appealing ad for an investment opportunity and was promptly contacted by individuals impersonating representatives of the platform. They instructed him to register, sign digital documents, and make initial investments via credit cards and bank transfers.
The fraudsters claimed that the funds would be used for trading in commodities like crude oil, precious metals, company stocks such as Tesla, and cryptocurrencies. Initially, the platform reflected falsified profits, which helped build trust. As the supposed market volatility increased, the scammers insisted on additional deposits under the guise of maintaining margin levels.
To meet these demands, the victim borrowed approximately ₹7–₹8 lakh from Navi and took a ₹17.5 lakh loan against a private bank’s savings policy. Eventually, when he was coerced into arranging a further ₹25–₹32 lakh, he realised the deception and reported the matter via the national cybercrime helpline (1930).
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Police Advisory and Public Warning
Police investigations revealed that the perpetrators forged documents and falsely claimed association with a reputed firm named Tradebulls. They executed the scam with professional precision, targeting emotionally vulnerable individuals seeking quick financial returns.
Officials have urged the public to be vigilant when approached by platforms or individuals offering high-return investment schemes online. Citizens are advised to verify that any financial services provider is registered with regulatory bodies such as SEBI before engaging.
“Reputed financial companies will never coerce individuals into repeated deposits nor operate without regulatory oversight,” the police advisory stated. Authorities also stressed the importance of preserving all communication, including transaction records, call logs, and emails when reporting such cases.